Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of comm

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Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 1 (52.26 KiB) Viewed 12 times

Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 2 (51.71 KiB) Viewed 12 times

Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 3 (45.07 KiB) Viewed 12 times

Leach Inc Experienced The Following Events For The First Two Years Of Its Operations Year 1 1 Issued 10 000 Of Comm 4 (76.66 KiB) Viewed 12 times

Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account. 3. Provided $29,000 of services and received cash. 4. Collected $41,000 cash from accounts receivable. 5. Paid $18,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 9 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $690. 2. Provided $90,000 of services on account. 3. Provided $25,000 of services and collected cash. 4. Collected $72,000 cash from accounts receivable. 5. Paid $30,000 of salaries expense for the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 9 percent of the ending accounts receivable balance will be uncollectible. d-1. Organize the transaction data in accounts under an accounting equation. d-2. Prepare an income statement for Year 2. d-3. Prepare the statement of changes in stockholders' equity for Year 2. d-4. Prepare the balance sheet for Year 2. d-5. Prepare the statement of cash flows for Year 2. d-6. What is the net realizable value of the accounts receivable at December 31, Year 2?

Req D1 Event Bal. 1. 2. 3. 4. 5. 6. Req D2 Organize the transaction date in accounts under an accounting equation. (Enter any decreases to account balances with on the Accounts Titles for Retained Earnings, leave the cell blank. Round your answers to the nearest whole dollar.) Bal. Cash Assets + 25,000+ 72,000+ (30,000) + + Req D3 67,000+ NRV Accounts Receivable (690)= 90,000 = (72,000) = B = Req D4 17,310 = Liabilities LEACH INC. Accounting Equation for the Year 2 Equity + Common Stock (690) + Req D5 ++ + + 2,248 + 1,558+ + <Reg D1 + + + 0+ Req D6 Retained. Earnings < Prev Accounting Titles for Retained Earnings 90,000 Service revenue 25,000 Service revenue (30,000) Salaries expense 85,000 Uncollectible accounts expense Req D2 > 1 of 1 Score answer >

Req D1 Req D2 Operating expenses Req D3 Req D4 LEACH INC. Income Statement For the Year Ended December 31, Year 2 Total operating expenses Prepare an income statement for Year 2. (Round your intermediate calculations and final < Req D1 Req D5 0 Req D6 Req D3 >

Req D1 Req D2 Prepare the statement of changes in stockholders' equity to the nearest whole dollar.) Beginning common stock LEACH INC. Statement of Changes in Stockholders' Equity For the Year Ended December 31, Year 2 Ending common stock Req D3 Beginning retained earnings Reg D4 Ending retained earnings Total stockholders' equity $ $ EA 0 0 0